Pekelo explains the sell off

Discussion in 'Technical Analysis' started by Pekelo, Feb 7, 2018.

  1. Buy1Sell2


    Quick point of order--- Cash rules futures. As such, cash has already made a second low. I am long----I await my profits.
    #31     Feb 9, 2018
  2. Buy1Sell2


    Looking for a close today of 2758
    #32     Feb 9, 2018
  3. Pekelo


    I didn't say it is going to happen today or right away. But generally that is how it goes. I agree with your view or relief rally, but usually people use it to get out of positions in the red now, and eventually the market turns again.

    The cash lower BB on the weekly is at 2450 or so, just to scare you... :)
    #33     Feb 9, 2018
  4. Buy1Sell2


    Certainly---in a downmarket. If this is a downmarket then that will happen. If it's not, then the market will carve out a new intermediate bottom and move to new highs. ---Just like what it did at 1800.
    #34     Feb 9, 2018
  5. RRY16


    Better? What happened?
    #35     Feb 9, 2018
  6. Pekelo


    Actually, this market can go sideways for the rest of the year, fluctuating between 2500-2800. After all such a huge run up requires a breather, and in the last 2 years there hasn't been any.
    #36     Feb 9, 2018
    piezoe likes this.
  7. Pekelo


    Here is another one explaining today's actions: Yesterday's support became today's resistance:
    #37     Feb 9, 2018
  8. Day late. Today was 2nd test:
    SPX sup to res.png
    #38     Feb 9, 2018
  9. LacesOut


    Yes of course.
    But I generally don’t trade equity indicies. It was a simple anomaly I spotted on the VIX and I bought an ATM put on Friday afternoon near the close.
    Market was down nicely on Monday and I took my profit.
    I was a pussy.
    If I had held 4 more days and trusted my analysis I would have made 10X the profit.

    I’m not posting charts or my methods on a public board. I just don’t do that.
    #39     Feb 9, 2018
  10. Pekelo


    So was I. :)

    After 2 years of relentless rallying and not having a bigger than 120 points pullback, (not to mention trying to call tops in 2017) I am not going to predict a 300 points drop. But when I saw the weekly chart going up 200 points in a month, I thought, "this shit has to come down."
    #40     Feb 9, 2018